Report: Profits on Wall Street grow, employment declines

4:48 PM,
Oct. 9, 2012

Written by

Joseph Spector
Journal Albany bureau

ALBANY -- Wall Street profits are expected to grow this year, but employment and bonuses will likely decline, a state report today found.

The report from Comptroller Thomas DiNapoli said that the state's securities industry, which is mainly in New York City, remains unsettled after the recession ended in mid-2009.

"The securities industry remains in transition, and volatility in profits and employment show that we have not yet reached the new normal," DiNapoli said in a statement.Wall Street is critical to the state's finances. Wall Street once brought in about 20 percent of the state's ...